SteadyPay, a London, UK-based progressive lending platform provider, raised $3M in Seed funding.
The round was led by N1 with participation from Ascension, The Future Fund.
The company intends to use the funds to accelerate growth and expand operations.
Co-founded by John Downey and Ivan Istomin, SteadyPay is a progressive lending platform for people with unstable incomes. The AI-based solution analyzes open user data to predict their creditworthiness. According to these forecasts, the company tops up the bank account of a platform user if their earnings fall below the average monthly income. The algorithm calculates how much money can be loaned to a particular client. The average monthly replenishment per person is about £250, and the maximum balance a user can have on SteadyPay at any given time does not exceed £1000. The platform operates on a subscription model.
Users are charged a monthly fee of £7 per week for the service. They can recharge without interest and only have to repay SteadyPay when they exceed their average income in a given month.
The platform currently has 12,000 active users, most of whom are between the ages of 22 and 40.
FinSMEs
06/03/2023